CapitalSage, A Fintech Group, Raises $4 Million To Fulfill Expansion Agenda
CapitalSage, A Fintech Group, Raises $4 Million To Fulfill Expansion Agenda
CapitalSage Technology Limited, a Nigerian integrated fintech group, raised $4 million (N2.2 billion) in a Series 1 Private Company Notes (“PCN”) issuance, as part of its N10 billion program, to accelerate the company's growth across multiple markets in Nigeria and Africa.
The Series 1 issuance, which has a 365-day maturity, was fully subscribed by fund managers and other institutional investors, and United Capital Plc, Nigeria's leading financial services group, served as the transaction's sole adviser and arranger.
The successful debt financing round followed GCR Ratings' positive investment appraisal of A3 (short-term) and BBB (long-term) with a stable outlook, as well as United Capital's strategic partnership and guidance. CapitalSage is the first FinTech company to be listed on a Private Markets platform, as well as the FinTech company to have raised the most debt in the Nigerian Capital Markets.
According to CapitalSage's Group Managing Director, John Alamu, "our expansion is primarily motivated by our mission to build a sustainable and inclusive digital financial infrastructure that empowers individuals and businesses and enables wealth creation." We collaborate closely with our customers to ensure they have the tools necessary to pursue their aspirations. We are constantly pushing the boundaries of digital innovation in order to expand financial access across Nigeria. We are now in a position to further redefine the finance landscape and scale up financial inclusion across Africa as a result of this funding.”
Babatunde Ajayi, Head of Capital Markets and Advisory at United Capital, stated, "CapitalSage Technology is a FinTech that provides a broad range of financial and technological solutions and has demonstrated tremendous growth potential." The Company obtained an investment-grade rating from GCR, which enabled this initial foray into the capital markets. CapitalSage's strong management execution capability and corporate governance position are reaffirmed by this transaction. Additionally, it paved the way for other FinTechs to enter the Nigerian Capital Markets, particularly the vast Private Markets. United Capital Plc, leveraging its in-depth knowledge of Africa's capital and debt markets, is well-positioned to provide the appropriate support for FinTechs seeking funding, regardless of their size or duration of existence.”
More Aboout CapitalSage
The Company was founded in 2014 under the name 'Divine Mercy' with the mission of financially empowering market women. Since then, it has grown from a microlender to a full-service financial technology group, serving individuals, MSMEs, corporate organizations, and government institutions.
CapitalSage owns Kolomoni Savings Apps, CashMore – a reward-based value-added services platform – and the Kolomoni agent banking network, which has thousands of agents across the federation, with a growing presence in the Republic of Benin. Additionally, CapitalSage recently launched CapiFlex, an integrated payment and business solution that provides businesses, entrepreneurs, and a diverse range of organizations with a comprehensive pool of fund collection platforms, payment gateways, value-added service APIs, and office management solutions.
United Capital is a financial services provider and the Nigerian Exchange's sole investment banking institution listed on the main board. The Company provides advisory and arranging services in the debt and equity capital markets, as well as financial advisory, project and structured trade finance. United Capital has assisted corporate and government clients in raising capital through the capital markets over the last three years.
